This chapter may be cited as the "Merchant Bank Act of 2000".
(June 9, 2001, D.C. Law 13-308, § 301, 48 DCR 3244.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
Law 13-308, the "21st Century Financial Modernization Act of 2000", was introduced in Council and assigned Bill No. 13-867, which was referred to the Committee on Economic Development. The Bill was adopted on first and second readings on November 8, 2000, and December 5, 2000, respectively. Signed by the Mayor on January 26, 2001, it was assigned Act No. 13-597 and transmitted to both Houses of Congress for its review. D.C. Law 13-308 became effective on June 9, 2001.
For the purposes of this chapter, the term:
(1) "Affiliate" shall have the same meaning as set forth in § 26-551.02(1).
(2) "Appropriate financial institutions agency" means the federal or state agency with statutory authority over the financial institution activities of a financial institution.
(3) "Capital" shall have the same meaning as set forth in § 26-551.02(6).
(4) "Commissioner" shall have the same meaning as set forth in § 26- 551.02(7).
(5) "Department" shall have the same meaning as set forth in § 26-551.02(9).
(6) "Deposit" means a demand, time, or savings deposit, savings share account, withdrawable or repurchasable share, investment certificate, or other savings account or savings deposit account made by an individual, corporation, partnership, state or federal government unit, or any other government organization, without regard to the location of the depositor.
(7) "District" means the District of Columbia.
(8) "District of Columbia Banking Code" shall have the same meaning as set forth in § 26-551.02(14).
(9) "Financial institution" shall have the same meaning as set forth in § 26-551.02(18).
(10) "Merchant bank" means a financial institution that is chartered or organized under the District of Columbia Banking Code as a merchant bank and is under the authority and supervision of the Commissioner.
(11) "Subsidiary" shall have the same meaning as set forth in § 26- 551.02(24).
(12) "Superior Court" means Superior Court of the District of Columbia.
(13) "Universal bank" shall have the same meaning as set forth in § 26- 1401.02(28).
(June 9, 2001, D.C. Law 13-308, § 302, 48 DCR 3244; June 11, 2004, D.C. Law 15-166, § 2(i), 51 DCR 2817.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 15-166 rewrote pars. (4) and (5) which had read as follows:
(4) "Commissioner" means the Commissioner of the Department of Banking and Financial Institutions.
"(5) 'Department' means the Department of Banking and Financial Institutions."
Emergency Act Amendments
For temporary (90 day) amendment of section, see § 2(i) of Consolidation of Financial Services Emergency Amendment Act of 2004 (D.C. Act 15-381, February 27, 2004, 51 DCR 2653).
Legislative History of Laws
For Law 13-308, see notes following § 26-833.01.
For Law 15-166, see notes following § 26-131.02.
